Market Outlook - 7th - 11th November

Market Outlook

- WALL STREET:
US indices have consolidated last week. On the economic front, the ISM manufacturing was below expectations at 50.8 vs 52 expected. Same trend for the ISM non-manufacturing at 52.9 versus 53.5 expected. The initial jobless claims were almost in line at 397K versus 400K. Finally, Nonfarm Payrolls were lower than expected at 80K. Looking at corporate news, CVS Caremark (CVS) published 3Q adjusted EPS from continuing operations of $0.70 vs $0.64 a year ago. Net revenues increased 12.5% to a record $26.7B.Comcast (CMCSA) announced 3Q EPS of $0.33 vs $0.31 a year ago. Revenue increased 51.1% YoY to $14.34B. Operating income increased 35.1% to $2.64B. As far as sectors are concerned, Utilities and Industry are still very bullish despite the last week consolidation. From a technical perspective, the S&P 500, thanks to a pullback following the confirmation of a reversal pattern in double-bottom, could reach 1288 & 1330.
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